Earth Science Tech Inc. (OTC: ETST), a strategic holding company in the healthcare, pharmacy, and telemedicine sector, held its first Annual Meeting of Stockholders virtually on August 31, 2026. Shareholders voted on and approved several key proposals aimed at advancing the company’s uplisting strategy, according to a press release.
During the meeting, stockholders authorized the Board to pursue a reverse stock split, valid for a period of 12 months, if deemed necessary to meet the bid price requirements for an uplisting to a national exchange such as Nasdaq or NYSE. The Board retains discretion over whether to execute the split. CEO and Chairman Giorgio R. Saumat emphasized that he will not support the move unless it is in the best interest of shareholders, though the press release did not elaborate further.
Shareholders also authorized the Board’s Independent Special Committee to negotiate the retirement of the Series B Preferred Stock. Eliminating this class of stock would remove the company’s current dual-class voting structure, potentially simplifying governance and making the company more attractive to institutional investors. The proposal to retire the Series B Preferred Stock was part of a broader set of measures approved at the meeting.
In addition, shareholders ratified the appointment of Semple, Marchal & Cooper LLP as an independent registered public accounting firm, re-elected seven director nominees, and authorized a new non-dilutive executive compensation framework. The compensation structure is designed to align management incentives with shareholder interests without issuing additional shares, which could otherwise dilute existing holdings.
The approvals signal shareholder confidence in management’s strategic direction, particularly its efforts to elevate the company’s profile in the public markets. An uplisting to a national exchange could enhance liquidity, increase visibility among institutional investors, and potentially lower the cost of capital. The retirement of the Series B Preferred Stock would eliminate a dual-class voting structure that often concentrates voting power and can be a deterrent to some investors.
For stakeholders in the healthcare and telemedicine sector, these developments may indicate a growing trend of smaller companies seeking to professionalize their governance and capital structures to attract broader investment. Earth Science Tech’s move to streamline its equity and compensation frameworks could serve as a template for other OTC-traded firms aiming for a national exchange listing.
The company’s latest news and updates are available in its newsroom at https://ibn.fm/ETST. The full press release can be accessed at https://ibn.fm/HIqJ9.
